YEA injects Gh¢120m into 10,000 businesses

To support hiring of 20,000 laid-off, new staff for MSMEs

By Elvis DARKO, Accra
Vice-President Dr. Mahamudu Bawumia has officially launched the Business and Employment Assistance Programme (BEAP) in Sunyani, the capital of the Bono Region.
This flagship initiative by the Youth Employment Agency (YEA) aims to empower young entrepreneurs and create job opportunities for the youth in Ghana.    

This involves rehiring laid-off employees, employing new workers, and providing essential skills to enhance productivity.

As part of the Programme, the YEA will provide financial assistance to skilled workers, enabling Micro, Small and Medium-sized enterprises (MSMEs) to grow and expand.

The programme also includes hiring more youth, and successful business applicants will receive financial support to pay salaries to employees.

The BEAP is a significant intervention by the government to support young Ghanaian entrepreneurs, especially MSMEs impacted by global economic challenges negatively affecting businesses in the country.

The programme is expected to benefit about 10,000 businesses owned by young entrepreneurs, with an additional 20,000 youth set to benefit from the initiative.

GH¢120 million for the programme

The government has allocated GH¢120 million for the programme, and each beneficiary MSME is expected to engage a maximum of five employees.

GH¢500 salary top up

Employees hired through the program will receive a monthly allowance of GH¢500 as a top-up to their regular salary for one year.

This support is crucial for businesses to recover and expand, contributing to the overall economic development and empowerment of the youth in Ghana.

Speaking at the launch, Dr. Bawumia highlighted the government’s commitment to job creation and youth empowerment.

2.1m jobs created

Despite the unprecedented creation of 2.1 million jobs by the NPP government in the past seven years, Dr. Bawumia acknowledged that more needs to be done, especially considering Ghana’s growing youth population. He emphasized the importance of ensuring that the youth are well-positioned to contribute significantly to the country’s economic development.

He listed various youth interventions, including the successful piloting of the YouStart programme with GH₵100 million disbursed this year.

He pointed out that the business sector faced challenges during the COVID-19 pandemic, leading to liquidity issues for some businesses and subsequent layoffs or salary reductions.

Government initiatives like the Corona Virus Alleviation Programme – Business Support Scheme (CAP-BuSS) and the COVID-19 Alleviation and Revitalization of Enterprises Support (Ghana CARES) provided financial support to businesses.

Despite these efforts, Dr. Bawumia acknowledged that some businesses still struggle, emphasizing the need for additional assistance.

He highlighted associated problems such as increased youth unemployment and low wages, leading to the introduction of the Youth Employment Agency’s Business and Employment Assistance Programme.

He assured the public that the government is aware of the challenges faced by the youth and is committed to creating a favorable business environment.

He commended the Board and Management of the Youth Employment Agency for their dedication to fulfilling their mandate and supporting the Ghanaian youth.

Kofi Agyapong on BEAP

On his part, Chief Executive Officer of YEA, Kofi Agyapong, reiterated the agency’s commitment to job creation and youth empowerment emphasizing the YEA’s dedication to strengthening existing modules and creating more opportunities for the youth.

He highlighted the agency’s efforts to disseminate comprehensive information and real-time updates through various social media platforms.

This, he believes, will enhance transparency and keep the public informed about the agency’s initiatives and progress.

Mr Agyapong stated that BEAP holds the promise of not only supporting young entrepreneurs but also addressing the pressing issue of youth unemployment in the country.

The programme is part of the Akufo-Addo government’s broader COVID-19 Economic Recovery Programme (COVID-19 ERP), responding to the severe impact of the pandemic on businesses nationwide.

The CEO commended the government’s commitment to youth-focused initiatives and expressed confidence that BEAP would contribute significantly to job creation and economic recovery.

YEA job creation initiatives

The YEA continues to play a pivotal role in implementing programs aimed at empowering the youth and fostering economic growth in Ghana.

In response to economic challenges and as part of various interventions aimed at empowering the youth and rejuvenating businesses, YEA in Ghana has implemented several initiatives.

One significant initiative involves the injection of funds into struggling businesses, providing them with a much-needed boost to help overcome economic difficulties.

This effort is expected to contribute positively to the overall economic landscape.

Additionally, the YEA has undertaken projects to engage and empower the youth across various sectors.

21,000 Community Police Assistants, Community Health Workers

Notably, 21,000 youth have been involved in the YEA’s Community Police Assistants and Community Health Workers module, contributing to community development and well-being.

2,000 youth under the Youth in ICT

Furthermore, a collaboration between the YEA and the Ghana Digital Centres Ltd has resulted in the engagement of 2,000 youth under the Youth in ICT module, fostering skills development in the rapidly evolving field of information and communication technology.

15,000 trained by NEIP

The YEA has also partnered with the National Entrepreneurship and Innovation Programme to provide training for 15,000 Ghanaian youth.

This training encompasses essential business skills, corporate compliances, and financial sustainability practices, equipping the participants with the knowledge needed for successful entrepreneurship.

Moreover, the Ministry of Food and Agriculture is set to engage 20,000 youth in the second phase of the Planting for Food and Jobs program, promoting agriculture as a viable and sustainable livelihood.

20,000 artisans

In collaboration with the Ghana TVET Service and the Ghana Energy Commission, the YEA plans to train 20,000 artisans in various fields such as plumbing, tiling, masonry, beauty services, fabrication, glazing, carpentry, and electrical work.

Upon completion of the training, beneficiaries will receive certifications and the necessary tools and equipment to establish their own enterprises.

These initiatives collectively demonstrate a concerted effort by the YEA and its partners to address economic challenges, empower the youth, and foster sustainable growth in various sectors of the economy.